# Hakuto Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第74期(2025/04/01－2026/03/31) (S100YI3S)
> Page: https://vizora.meequs.com/en/company/hakuto
> Retrieved: 2026-09-30T17:49:00.162Z

## Company

Hakuto, founded in 1953, is a company in Chemicals listed on TSE Prime. It has 1,504 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hakuto Co.,Ltd. |
| Ticker | 7433 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7433.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿一丁目1番13号 |
| Representative (per filing) | 代表取締役社長執行役員 宮下 環 |
| Founded | Nov 1953 |
| Share capital | ¥8.1B |
| Employees (consolidated) | 1,504 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | March |
| Website | www.hakuto.co.jp (https://www.hakuto.co.jp/) |
| Corporate number | 7011101017256 |
| EDINET | E02802 |
| Industries (Vizora) | Chemicals, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YI3S, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.9 | 179 |
| Profitability | 60.3 | 185 |
| Cash conversion | 80.7 | 179 |
| Efficiency | 26.8 | 185 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 77% of Hakuto's sales come from Electronic parts, with Electric and Electrical equipment and Industrial chemical making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -1.1% from the prior year, operating profit -23.2%.

## Company structure

- Segment revenue mix: Electronic parts 77.4%、Electric and Electrical equipment 14.0%、Industrial chemical 6.2%、Others 2.5%
- Revenue → net income: ¥181178000000 → ¥5009000000
- Net income → operating cash flow: ¥5009000000 → ¥10273000000（difference ¥5264000000）
- Main uses of operating cash flow: CapEx ¥1167000000 / dividends ¥4328000000 / buybacks ¥0
- Change in cash: ¥3819000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥181.2B |  |
| Operating income | ¥6.08B | Margin 3.4% |
| Net income | ¥5.01B | Margin 2.8% |
| Free cash flow | ¥9.11B |  |
| Largest business | Electronic parts | of segment revenue 77.4% |
| Employees (consolidated) | 1,504 |  |
| EPS | ¥280.33 |  |
| Book value per share | ¥2623.85 |  |
| Equity ratio | 41.6% |  |
| Shares outstanding | 21,137,000 |  |
| Treasury shares | 2,310,800 |  |
| Shareholders | 24,612 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 11.4% | Cash ÷ revenue 10.3% |
| Vs. industry median margin | +0.5 pp | Specialty Trading & Wholesale |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥165413000000 | ¥181178000000 | +9.5% |
| Operating income | ¥3806000000 | ¥6080000000 | +59.7% |
| Operating margin | 2.3% | 3.4% | +1.1 pp |
| Employees | 1,238 people | 1,504 people | +21.5% |
| Cash and equivalents | ¥17867000000 | ¥18749000000 | +4.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 電子部品事業 → 電子部品事業 | 77.4% |
| 電子部品事業 → 事業再編・廃止 | 4.2% |
| 電子・電気機器事業 → 電子・電気機器事業 | 11.5% |
| ケミカル事業 → ケミカル事業 | 6.2% |
| ケミカル事業 → 事業再編・廃止 | 0.5% |
| その他の事業 → その他の事業 | 0.3% |
| 新設・再編 → 電子・電気機器事業 | 2.5% |
| 新設・再編 → その他の事業 | 2.2% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic parts | 5 years | +0.8% | ¥140274000000 | 2.8% | 2 |
| Electric and Electrical equipment | 5 years | +5.9% | ¥25300000000 | 8.2% | 2 |
| Industrial chemical | 5 years | +0.4% | ¥11156000000 | 5.6% | 2 |
| Others | 5 years | +56.6% | ¥4446000000 | -15.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 181,178 | 100.0% | S100YI3S |
| Cost of revenue | 153,098 | 84.5% | S100YI3S |
| Gross profit | 28,080 | 15.5% | S100YI3S |
| SG&A | 22,000 | 12.1% | S100YI3S |
| Operating income | 6,080 | 3.4% | S100YI3S |
| Ordinary income | 5,579 | 3.1% | S100YI3S |
| Pretax income | 7,775 | 4.3% | S100YI3S |
| Income tax | 2,765 | 1.5% | S100YI3S |
| Net income | 5,009 | 2.8% | S100YI3S |
| Net income attributable to owners | 5,009 | 2.8% | S100YI3S |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 12 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.5% → Operating margin 3.4% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.1%; Core profit growth: -23.2%
Operating leverage (core profit growth ÷ revenue growth): 21.70×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 183,133 | 181,178 | -1,955 | -1.1% |
| Gross profit | 27,878 | 28,080 | 202 | +0.7% |
| Operating income | 7,913 | 6,080 | -1,833 | -23.2% |
| Net income attributable to owners | 5,131 | 5,009 | -122 | -2.4% |
| Operating cash flow | 10,589 | 10,273 | -316 | -3.0% |
| Free cash flow | 9,533 | 9,106 | -427 | -4.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 153,182 | 2,414 | 1.6% | 1,439 | -16,288 | -16,830 | S100LOD4 |
| FY ending Mar 2021 | 165,413 | 3,806 | 2.3% | 3,064 | 7,418 | 7,158 | S100OEPJ |
| FY ending Mar 2022 | 191,495 | 7,304 | 3.8% | 4,970 | 872 | 401 | S100R5SV |
| FY ending Mar 2023 | 233,624 | 12,711 | 5.4% | 8,929 | -3,382 | -3,886 | S100TRSR |
| FY ending Mar 2024 | 182,046 | 7,636 | 4.2% | 5,175 | 8,712 | 7,580 | S100W3DA |
| FY ending Mar 2025 | 183,133 | 7,913 | 4.3% | 5,131 | 10,589 | 9,533 | S100YI3S |
| FY ending Mar 2026 | 181,178 | 6,080 | 3.4% | 5,009 | 10,273 | 9,106 | S100YI3S |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥120.5M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,221 | 1,223 | 1,203 | 1,318 | 1,504 |
| Average salary (parent company) | ¥7.7M | ¥9.2M | ¥10.7M | ¥9.5M | ¥9.7M |
| Average age (parent company) | 44.0 years | 44.3 years | 44.3 years | 44.3 years | 43.9 years |
| Average tenure (parent company) | 14.1 years | 13.9 years | 14.0 years | 13.2 years | 13.8 years |

Year over year: Employees (consolidated) +14.1% · Revenue (consolidated) -1.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic parts | 140,274 | 77.4% | 3,933 | 2.8% |
| Electric and Electrical equipment | 25,300 | 14.0% | 2,083 | 8.2% |
| Industrial chemical | 11,156 | 6.2% | 625 | 5.6% |
| Others | 4,446 | 2.5% | -705 | -15.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic parts | 77.4% | 59.2% | -18.2 | 2.8% |
| Electric and Electrical equipment | 14.0% | 31.4% | 17.4 | 8.2% |
| Industrial chemical | 6.2% | 9.4% | 3.3 | 5.6% |
| Others | 2.5% | — | — | -15.9% |

Loss-making segment (excluded from profit shares): Others -705 JPY mn

Segment → industry: Industrial chemical → Chemicals / Electric and Electrical equipment → Specialty Trading & Wholesale / Electronic parts → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,273 | 5.7% | S100YI3S |
| Capital expenditure | 1,167 | 0.6% | S100YI3S |
| Free cash flow | 9,106 | 5.0% | 算出 |
| Investing cash flow | -17,533 | -9.7% | S100YI3S |
| Financing cash flow | 10,017 | 5.5% | S100YI3S |
| Dividends paid | 4,328 | 2.4% | S100YI3S |
| Share buyback | 0 | 0.0% | S100YI3S |
| Change in cash | 3,819 | 2.1% | S100YI3S |
| Cash and equivalents | 18,749 | 10.3% | S100YI3S |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,620 | 16,751 | 15,568 | 14,929 | 18,749 | S100TRSR, S100W3DA, S100YI3S |
| Total assets | 131,490 | 145,900 | 137,759 | 130,376 | 164,484 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Net assets | 61,668 | 63,863 | 65,933 | 65,546 | 69,833 | S100TRSR, S100W3DA, S100YI3S |
| Share capital | 8,100 | 8,100 | 8,100 | 8,100 | 8,100 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Property, plant and equipment | 6,401 | 6,388 | 6,621 | 6,988 | 7,710 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Intangible assets excluding goodwill | 285 | 202 | 778 | 4,625 | 17,618 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Goodwill | — | — | — | 3,028 | 16,063 | S100YI3S |
| Investment securities | 9,632 | 9,288 | 8,670 | 8,333 | 8,557 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Current assets | 114,670 | 129,463 | 120,853 | 109,532 | 127,068 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Current liabilities | 55,419 | 67,773 | 58,706 | 47,196 | 67,358 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Trade payables | 21,583 | 22,919 | 21,348 | 15,863 | 21,795 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Short-term borrowings | 19,990 | 28,800 | 24,670 | 19,598 | 33,231 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Long-term borrowings | 12,624 | 12,809 | 11,175 | 15,218 | 24,147 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Total liabilities | 69,821 | 82,036 | 71,825 | 64,829 | 94,651 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Non-controlling interests | — | — | — | — | 1,446 | S100YI3S |
| Equity attributable to owners of parent | 53,636 | 55,181 | 55,150 | 55,261 | 55,980 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Retained earnings | 45,847 | 50,509 | 50,059 | 49,375 | 50,056 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |
| Treasury stock | -7,658 | -9,108 | -8,872 | -4,746 | -4,724 | S100R5SV, S100TRSR, S100W3DA, S100YI3S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YI3S |
| Property, plant and equipment | 5% | S100YI3S |
| Intangibles and goodwill | 21% | S100YI3S |
| Investment securities | 5% | S100YI3S |
| Other assets | 58% | S100YI3S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YI3S |
| Other liabilities | 44% | S100YI3S |
| Equity | 43% | S100YI3S |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 131,490 | 145,900 | 137,759 | 130,376 | 164,484 |
| Equity | 61,668 | 63,863 | 65,933 | 65,546 | 69,833 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,620 | 16,751 | 15,568 | 14,929 | 18,749 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 4.3% | S100YI3S |
| Fixed assets ÷ total assets | 4.7% | S100YI3S |
| Goodwill ÷ parent equity | 28.7% | S100YI3S |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 11.4% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 169.0% |
| Cash vs. profit gap | 5,264 JPY mn (of net income 105.1%) |
| Shareholder returns / net income | 86.4% |
| Shareholder returns / FCF | 47.5% |
| Shareholder payments — dividends / net income | 86.4% |
| Shareholder payments — dividends / FCF | 47.5% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 170.7% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.6% | 1.46× | 3.8% | 2.45× | 9.3% | S100R5SV |
| 2023 | 3.8% | 1.68× | 6.4% | 2.55× | 16.4% | S100TRSR |
| 2024 | 2.8% | 1.28× | 3.6% | 2.57× | 9.4% | S100W3DA |
| 2025 | 2.8% | 1.37× | 3.8% | 2.43× | 9.3% | S100YI3S |
| 2026 | 2.8% | 1.23× | 3.4% | 2.65× | 9.0% | S100YI3S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人高山国際教育財団 | Major shareholder | 22.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 6.8% | 2026-03-31 |
| 高山 健 | Major shareholder | 5.6% | 2026-03-31 |
| 高山 龍太郎 | Major shareholder | 5.6% | 2026-03-31 |
| 高山 一郎 | Major shareholder | 5.6% | 2026-03-31 |
| 伯東従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.1% | 2026-03-31 |
| JP Morgan Chase Bank 385,781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |
| BNYM AS AGT／CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YI3S | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI3S,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W3DA | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3DA,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TRSR | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRSR,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R5SV | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5SV,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OEPJ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEPJ,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LOD4 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOD4,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).